Much appreciated if anyone can run through this and try and find any issues with it:

I am currently bikeless and moaning like a baby because my friends all have bikes
A good friend is looking at getting a second bike and being the legend that he is, has offered to get me insured on it so i'm able to ride and he doesn't have to pay extra on insurance.

The idea is:

He buys the bike.
I sign the v5 so i'm the registered keeper.
We write out a note to say "in the event of such and such whomever will be liable for.."etc and both sign it. The idea is if e.g. I rack up 50k of debt and the bailiffs come after the bike, he wont lose out.
I take a normal insurance policy on the bike as registered keeper and he will be able to ride the bike via his 'ride other bikes' cover on his policy.
As he'll be riding the bike more than me ill put the overnight address as his so it's all legal.

The idea of this is that Instead of just adding me as named rider, I get no claims build up and can ride other bikes too.

Does this look okay to you?
Should I "buy" the bike off him for a quid and declare myself legal owner or just reg keeper?

If the bike was "yours" with a recept and insured through yourself then it would be ok.
Be careful when riding others bikes on a "ride other bikes" policy as most of the time your only insured 3rd party only,

Some insurance companies want it in your name some don't matter,
(My better half's old zx7 was in my name and stored at mine but some insurance companies didn't like it)